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Nine Mile Metals has exercised its option early to acquire 100% ownership of California Lake, Canoe Landing Lake East, and Nine Mile Brook East mineral projects. The company will own 12 mineral claims totaling 38.94 km2 subject to a 2% Net Smelter Royalty. The acquisition includes known base metal mineral occurrences and significant deposits. Nine Mile Metals is strategically enhancing shareholder value and consolidating its western portfolio for operational efficiencies and exploration initiatives.
Nine Mile Metals ha esercitato anticipatamente la sua opzione per acquisire il 100% della proprietà dei progetti minerari di California Lake, Canoe Landing Lake East e Nine Mile Brook East. La società avrà la proprietà di 12 concessioni minerarie che coprono un'area totale di 38,94 km2, soggette a un diritto di royalty del 2% sullo smelter netto. L'acquisizione include occorrenze di metalli di base conosciuti e depositi significativi. Nine Mile Metals sta strategicamente incrementando il valore per gli azionisti e consolidando il suo portafoglio occidentale per efficienze operative e iniziative di esplorazione.
Nine Mile Metals ha ejercido anticipadamente su opción para adquirir el 100% de la propiedad de los proyectos minerales de California Lake, Canoe Landing Lake East y Nine Mile Brook East. La compañía poseerá 12 reclamaciones minerales que suman un total de 38.94 km2, sujetas a un 2% de Regalía de Fundidor Neto. La adquisición incluye ocurrencias conocidas de minerales de metales básicos y depósitos significativos. Nine Mile Metals está estratégicamente mejorando el valor para los accionistas y consolidando su cartera occidental para eficiencias operacionales e iniciativas de exploración.
Nine Mile Metals는 California Lake, Canoe Landing Lake East 및 Nine Mile Brook East 광물 프로젝트의 100% 소유권을 조기에 행사하였습니다. 회사는 순 제련 수수료 2%가 적용되는 총 38.94 km2에 달하는 12개의 광물 청구권을 소유하게 됩니다. 이 인수에는 알려진 기초 금속 광물 발생과 중요한 예금이 포함됩니다. Nine Mile Metals는 주주 가치를 전략적으로 증진시키고 운영 효율성 및 탐사 활동을 위해 서부 포트폴리오를 통합하고 있습니다.
Nine Mile Metals a exercé prématurément son option pour acquérir 100% de la propriété des projets miniers de California Lake, Canoe Landing Lake East et Nine Mile Brook East. La société détiendra 12 revendications minérales couvrant au total 38,94 km2, soumises à une redevance de Fonderie Net de 2%. L'acquisition comprend des occurrences de métaux de base connus et des dépôts significatifs. Nine Mile Metals renforce stratégiquement la valeur pour les actionnaires et consolide son portefeuille occidental pour des efficacités opérationnelles et des initiatives d'exploration.
Nine Mile Metals hat seine Option vorzeitig ausgeübt, um 100% Eigentumsrecht an den Mineralprojekten California Lake, Canoe Landing Lake East und Nine Mile Brook East zu erwerben. Das Unternehmen wird 12 Mineralansprüche besitzen, die insgesamt 38,94 km2 umfassen und einer 2%igen Nettoschmelzabgabe unterliegen. Der Erwerb umfasst bekannte Basis-Metallvorkommen und bedeutende Lagerstätten. Nine Mile Metals stärkt strategisch den Wert für die Aktionäre und konsolidiert sein westliches Portfolio für betriebliche Effizienzen und Explorationstätigkeiten.
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Vancouver, British Columbia--(Newsfile Corp. - April 25, 2024) - NINE MILE METALS LTD. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") announces that it has exercised its option early to Purchase 100% of California Lake, Canoe Landing Lake East and Nine Mile Brook East mineral projects, dated April 25, 2022 (the "Option."). The Option and payments were previously announced on April 26, 2022.
The Company will own 100% right, title, and interest in and to 12 mineral claims: California Lake (6 claims), Canoe Landing Lake East (4 claims); and Nine Mile Brook area (2 claims), totalling 38.94 km2 (see figure 1), subject to a 2% Net Smelter Royalty.
The Company will issue a total of 333,332 common shares at a deemed price of $0.075 per share, in accordance with the Option. The Optionors and the Company have also agreed to convert the final $30,000 cash payment owing under the Option for 333,334 common shares at a deemed price $0.09per share.
All securities issued will be subject to a four month and a day hold period.
California Lake VMS Project:
The California Lake VMS Project covers 35.83 square kilometers immediately north of the Canoe Landing Lake Project and includes a large section of the highly prospective Spruce Lake Formation. Included in the land package are 4 known base metal (Cu, Pb, Zn) mineral occurrences: South Branch Forty Mile Brook; California Lake 32 South; California Lake 68 South; and California Lake - Murray Brook.
Canoe Landing Lake VMS Project:
To the southeast of California Lake, the acquired Canoe Landing Lake East VMS property covers 5.5 square kilometers along the east flank of the Canoe Landing Lake VMS Deposit. Hosted within the Boucher Brook Formation near the contact with the Canoe Landing Lake Formation, the deposit consists of 22.8 million tons grading 0.64% Pb, 1.82% Zn, 0.56% Cu, 0.94 oz/ton Ag and 0.034 oz/t Au.
Nine Mile Brook VMS Project:
The Upper Pabineau River and Nine Mile Brook properties on the eastern flank of our existing Flagship Nine Mile Brook VMS Project, adds 9.02 square kms of prospective stratigraphy along the Boucher Brook Formation, host of the Nine Mile Brook VMS occurrence and the Canoe Landing Lake Deposit to the west.
FIGURE 1: California Lake, Canoe Landing Lake East & Nine Mile Brook East Property Package (Highlighted Red)
Patrick J. Cruickshank, MBA, CEO & Director, stated, "We are excited to announce the completion of a strategic milestone: the early exercise for 100% ownership of the California Lake, Canoe Landing Lake East and the Nine Mile Brook East (Upper Pabineau) Projects. This acquisition, coupled with the immense success of our 2022 California Lake East Drill Program-a key component of the Target #8 Trend in our 2024 Western Portfolio Roadmap (Figure 2 below) - firmly positions Nine Mile Metals for significant shareholder value enhancement. The complete ownership of the Source Target (Target #6) secured last fall further solidifies our western portfolio priority target trends. Now, with all claims owned and consolidated under Nine Mile Metals, we are poised to maximize economies of scale and operational efficiencies in land management. We share the optimism of our partners and look forward to a transformative 2024 as we advance our exploration initiatives."
FIGURE 2: Western Portfolio Exploration Roadmap (Priority Targets & Trends)
The disclosure of technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and reviewed and approved by Gary Lohman, B.Sc., PGO., VP Exploration and Director who acts as the Company's Qualified Person, and is not independent of the Company.
About Nine Mile Metals Ltd.:
Nine Mile Metals Ltd. is a Canadian public mineral exploration Company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the renowned Bathurst Mining Camp (BMC), located in New Brunswick, Canada. The Company's primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS Project, California Lake VMS Project, the Canoe Landing Lake (East - West) VMS Project, and the Wedge VMS Project. The Company is focused on critical minerals exploration, positioning itself for the boom in EV and green technologies requiring copper, silver, lead, and zinc with a hedge on gold.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Forward-looking statements in this press release include that (a) the Company will own 100% right, title and interest in and to 12 mineral claims, (b) the Company will issue a total of 666,666 common shares and will be subject to a 4 month and one day hold period, (c) with all claims owned and consolidated under Nine Mile Metals, we are poised to maximize economies of scale and operational efficiencies in land management, and (d) we look forward to a transformative 2024 as we advance our exploration initiatives. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
What did Nine Mile Metals announce regarding California Lake, Canoe Landing Lake East, and Nine Mile Brook East properties?
Nine Mile Metals announced the early exercise of its option to acquire 100% ownership of California Lake, Canoe Landing Lake East, and Nine Mile Brook East mineral projects.
What is the total area covered by the mineral claims acquired by Nine Mile Metals?
The total area covered by the mineral claims acquired by Nine Mile Metals is 38.94 km2.
What is the Net Smelter Royalty percentage associated with the acquisition?
The acquisition is subject to a 2% Net Smelter Royalty.
Who is the Qualified Person responsible for the technical information disclosed in the news release?
Gary Lohman, B.Sc., PGO., VP Exploration and Director, acts as the Company's Qualified Person for the technical information disclosed in the news release.
What is the CEO's statement regarding the acquisition of the properties?
Patrick J. Cruickshank, MBA, CEO & Director, stated that the acquisition positions Nine Mile Metals for significant shareholder value enhancement and operational efficiencies.
